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DynamicID: The Cutting-Edge Innovation Elevating Verify 365 Above Competitors

In a digital era where identity verification is the linchpin of trust and security, Verify 365 emerges as a trailblazer, thanks to its proprietary DynamicID® biometric technology. Unlike the competitors like Thirdfort, Legl, Minerva and Infotrack, which rely on licensed technologies from third-party providers, Verify 365 has carved its unique identity by building its own proprietary, UK-developed technology, DynamicID®, setting a new industry standard.

What is DynamicID?

DynamicID is a ground-breaking NFC-based biometric identity verification software from Verify 365, engineered in the UK, and built to provide a secure, efficient, and user-friendly avenue for individuals to validate identities online. Its integration as the core risk engine software within Verify 365’s digital onboarding solution underscores its centrality in bolstering Verify 365’s platform stability and security.

The prowess of DynamicID lies in its innovative use of machine learning, artificial intelligence, and liveness detection technologies. These features not only expedite the identity verification process but also elevate the level of security, making it almost impervious to identity fraud. On the flip side, the competitors’ dependency on third-party ID verification providers like Onfido or ReadID could potentially introduce vulnerabilities, making Verify 365 a more reliable choice.

Is DynamicID technology integrated into Verify 365 platform’s workflow?

Yes, the holistic integration of DynamicID within Verify 365's suite of solutions like ePayments, eSignatures, KYC, AML checks, and KYB workflows demonstrates a seamless synergy aimed at delivering a superior user experience and robust compliance management, particularly in regulated industries such as law firms, estate agents, and financial institutions.

Is Verify 365 technology more advanced than Credas?

Yes. Credas deploys a variety of technologies to streamline the onboarding process and handle compliance and due diligence needs. Like Verify 36’s technology, Credas also utilise facial recognition technology, liveness tests, and machine reading to extract data from official ID documents worldwide, verifying the individual against an identity document and confirming the document's authenticity.

Is Verify 365 technology more advanced than Infotrack?

Yes. InfoTrack is a conveyancing platform which offers a suite of third-party solutions for electronic Verification of Identity (VOI) which includes digital ID checks with third-party licensed features such as 3D liveness detection, RFID and digital document recognition for ID document authentication, and electronic address checks. Their platform also provides additional alerts and warnings, enhancing the KYC process by providing more accurate and quicker results compared to manual checks.

Is Verify 365 technology more advanced than Thirdfort?

Yes. Thirdfort provides a basic dashboard for digital ID verification, utilising third-party NFC technology to read and verify e-passports. Their ID check captures a photo of the document to extract the client's information using data from the biometric chip in the client's passport. Thirdfort also offers a range of checks including liveness check, PEP & Sanctions screening, electronic address verification, and optional Proof of Address capture, allowing for a comprehensive verification process.

Is Verify 365 technology more advanced than Minerva?

Yes. Verify 365 technology advances a more technology-centric verifications, employing proprietary UK-developed NFC-based biometric checks straight from the client's phone, enabling instantaneous ID document verification against individual selfies with government-grade technology​. On the other hand, Minerva focuses on real-time electronic ID Verification (eIDV) checks to help law firms manage and exhibit compliant, effective, and robust processes in meeting their anti-money laundering obligations. The technological superiority of Verify 365 over Minerva stems from a more secure and seamless verification process, which use DynamicID® NFC-based biometric technology, offering a more accurate and faster verification process, which is crucial in the highly regulated legal sector where timely and accurate client onboarding is paramount.

Is Verify 365 technology more advanced than Legl?

Yes. Verify 365 and Legl are both robust platforms designed to streamline the client onboarding process for law firms, but they approach this task with differing technological focal points. Verify 365 is lauded for its advanced UK-developed NFC-based biometric verification system which facilitates seamless identity checks directly from the client's phone, leveraging government-grade technology to cross-verify ID documents against selfies in real-time​​. This biometric-centric approach underscores a commitment to security and accuracy, vital in a domain where identity verification is critical. Conversely, Legl's forte lies in its no-code platform that empowers law firms to digitise and automate core business operations encompassing payments, onboarding, and anti-money laundering compliance. The superior stance of Verify 365 is attributed to its innovative biometric verification technology, which offers a more secure and instant verification process compared to Legl's more process-oriented approach. In a realm where accurate identity verification is paramount, the immediacy and security afforded by biometric checks might edge out the operational efficiencies rendered by no-code workflows. Furthermore, Verify 365's capacity to swiftly identify fraud and money laundering risks through a comprehensive verification workflow accentuates its advanced technological standing, making it the best choice for law firms keen on bolstering their verification and compliance protocols.

Verify 365 Review: A Comprehensive AML Compliance Solution

Verify 365 has positioned itself as a next-generation AML compliance platform with a host of features tailored for law firms. It offers a comprehensive suite of global person and business verification solutions, along with no-code workflow building and integrations. Among its standout features are eSignatures and ePayments, which enable seamless and secure transactions and document signings online, all housed within a single platform.

Additionally, Verify 365 provides unique offerings like SecureSend®, MyID® Digital Identity, and a complete legal e-Forms library, which contains over 4000 digital forms. This library is delivered in partnership with FormEvo, to facilitate the various needs of legal firms. The platform also includes the most advanced Open Banking technology in its AML suite, which ensures unwavering compliance and aids in demystifying global AML regulations.

Verify 365 - Key Features Summary

  1. DynamicID® Identity Verification: A global person verification solution, covering over 200 countries and 15,000+ government-issued identity documents, integrating various verification technologies for thorough identity checks.

  2. Signatures and e-Payments: Integrated within a single platform and single client onboarding journey for streamlined operations.

  3. No-Code Workflow Building and Integrations: Facilitates customisation and integration without coding requirements.

  4. Legal e-Forms Library (in partnership with FormEvo): Over 4000 digital forms catering to various legal needs.

  5. Advanced Open Banking Technology: Automated digital checks for verifying a client’s source of funds, aiding in compliance with global anti-money laundering regulations.

Verify 365 offers a variety of KYC and KYB solutions within one single dashboard tailored for legal and financial professionals to stay compliant with AML regulations, streamline their workflow and enhance client onboarding processes.

What is the best AML solution for law firms?

Despite the robust offerings from Minerva, Legl, Credas, InfoTrack, and Thirdfort, Verify 365 stands out with its proprietary DynamicID technology. The UK-developed DynamicID is not only a testament to Verify 365's innovative spirit but also a key differentiator in this marketplace.

The in-house development of DynamicID signifies a greater level of control, stability, and security, which is crucial in identity verification and AML compliance. Unlike its competitors who rely on third-party technologies, Verify 365's DynamicID ensures a more secure and efficient platform, thereby offering a superior and more reliable solution for users and organisations alike.

What sets Verify 365 apart from the competitors?

The ownership of DynamicID technology sets Verify 365 apart, providing it with a unique competitive advantage in a market where trust, reliability, and innovation are paramount.

Verify 365 – Risk and Compliance Technology Solutions

Below is a summary of the key risk and compliance technologies offered by Verify 365:

1. ID Verification (KYC)

· Verify 365 Provides digital ID verification using proprietary DynamicID biometrics, document checks, and database searches, enabling automated and fast customer onboarding.

· DynamicID technology utilises AI for facial recognition and document authenticity checks and offers a single dashboard for managing verifications.

2. Address Verification Service (AVS)

· Verify 365 provides automated global address validation against official data sources such as the Electoral Roll and Credit Reference Agencies, providing real-time address verification and formatted address outputs.

· Provides a facility for client document upload and OCR recognition of the documents uploaded as proof of address, or proof of ownership (conveyancing transactions).

3. PEP and Sanctions Screening (PEPS):

· Verify 365 provides automated PEPs and Sanction checks with data generation in a constant live state, with real-time risk assessments of over 1,800 global watchlists, PEPs, and adverse media.

· Real-time risk screening - using AI, AML/CFT data is acquired in minutes, not days, with a single alert of all the information needed to make an informed decision, including teams of global data experts that review and edit problematic profiles and high-risk clients.

4. Source of Funds Checks (SOF)

· Verify 365 provides fully automated digital checks for verifying a client’s source of funds using the most advanced open banking technology, aiding in compliance with AML regulations.

· Offers a unique source of funds analytics dashboard for real-time monitoring and reporting and provides a summary of “transactions of concern” for enhanced security.

5. Company Checks and UBO Verifications (KYB):

· Verify 365 offers a comprehensive KYB and UBO verification service for purchasing reports on over 500 million companies world-wide based on specific requirements, aiding in informed due diligence.

· Provides global coverage, comprehensive datasets, real-time screenings, and a cloud-based dashboard for accessing live company data.

6. Digital ePayments (ePay)

· Verify 365 provides a secure digital payments solution (ePay) within a single client onboarding workflow, reducing risks associated with traditional payment methods.

· Offers real-time e-payment transaction monitoring and provides automated reconciliation and reporting features.

7. Document eSignatures (eSign)

· Verify 365 provides a platform for electronic signatures (eSign 365), enabling legal documents to be signed quickly on any device.

· Offers features like mobile-friendly signing, signer identity verification, and integration with legal case management systems.

8. Advanced Open Banking Technology (Open Banking):

· Verify 365 enables the use of digital bank statements using Open Banking technology for identifying risks and preventing fraud during client onboarding.

· Provides real-time analytics of client’s financials, transaction analytics, and instant bank statement risk assessments, promoting an efficient workflow.

9. Conveyancing Searches

· Verify 365 provides bespoke search bundles for property searches for conveyancers in the UK, delivered in partnership with IndexPI.

· Offers residential and commercial property searches, HM Land Registry searches, and local searches, with an easy online ordering system.

10. Legal Forms Submission

· Verify 365 provides access to over 4,000 legal forms with a cloud-based platform delivered in partnership with FormEvo for electronic submissions, aiming to reduce paperwork and errors.

· Provides features like automatic field population, digital submissions, and integrated solutions for managing legal documentation and compliance.

These Verify 365 solutions collectively aim to provide a comprehensive suite of tools for legal and financial professionals to enhance their operational efficiency, compliance management, and client engagement.

What about AI? Verify 365 now offer next-gen AI AML-tech for Law Firms

Last week, Verify 365 unveiled a novel AI-driven AML and ID verification solution, which employs machine learning to assist clients in the legal sector meet regulations necessitating the identity checking, sanctions screening, source of funds checking, and reporting of potential suspicious actions.

The new AML-engine, named “DynamicAI”, has already garnered attention from notable users, including several large, London-based law firms. This new AI-driven anti-money-laundering technology platform “sidesteps” the traditional rules-based programming characteristic of similar products.

It is clear that Verify 365 are aiming to differentiate themselves as the leading provider of anti-money laundering technology solutions by using AI and minimising human intervention in the process of screening for fraud, identity theft and money-laundering risks.

Verify 365’s distinctive approach is its departure from the rules-based programming typically crucial in setting up and overseeing an anti-money-laundering system.

This technology comes in the wake of major U.S. tech companies showcasing their AI prowess, influenced by the success of generative AI apps like ChatGPT and a corporate rush to incorporate such advancements across various sectors.

So how does it work in practice? Traditionally, most law firms are utilising basic technologies to sift through the numerous transactions and matters they manage daily. This procedure usually begins with a set of human determinations, followed by selecting the required checks, allowing law firms to pinpoint and scrutinise clients and fraudulent transactions that may need regulatory attention. By eliminating rules-based directives, Verify 365 are betting on AI’s potential to address this longstanding challenge in the AML domain.

In conclusion, DynamicAI is not merely a feature, it's a testament to Verify 365's commitment to innovation, security, and efficiency. It's this distinct technological edge that sets Verify 365 leagues apart from competitors, reinforcing its position as a leader in the digital identity verification realm.

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